BitMEX Joins Binance, Bybit in Removing Korean Language Ahead of Regulatory Deadline

South Korean regulators have asked exchanges to register by Friday.

By Eliza Gkritsi

Sep 23, 2021 at 8:19 a.m. UTC

Updated Sep 23, 2021 at 2:02 p.m. UTC

South Korean flag daniel-bernard-qjsmpf0aO48-unsplash

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Follow @egreechee on Twitter

BitMEX joined the ranks of crypto exchanges removing Korean language materials from its site ahead of a regulatory deadline that will likely banish dozens of exchanges from South Korea.

“With the introduction of new local regulatory requirements in South Korea on 24 September 2021,” BitMEX will remove all Korean language from its site and trading platform, the exchange said in a Thursday blog post.
This is likely the clearest mention of the Sept. 24 deadline among three foreign exchanges that have made similar moves in the past two months.
Binance announced it was removing Korean won payment options and trading pairs, as well as Korean language in August, while Bybit said last week it was stopping Korean language support.
In April, South Korea’s Financial Services Commission said all crypto exchanges have to register with its anti-money laundering arm by Sept. 24 or stop operating in the country. Registration requires them to fulfill certain cybersecurity criteria, as well as set up partnerships with banks for real-name registration.
Only four have succesfully registered: Upbit, Bithumb, Coinone, and Korbit.
Close to 60 exchanges will have to at least partially suspend service on Friday, while 40 will have to stop operating completely, Reuters reported earlier this week.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.